The "Holy grail" of candles

[cashmoney69]

Hammers seem to be a pretty popular candle, but what about other candles like morning stars, tweezer bottoms, head and shoulders, doji's, and others that indicate a bullish move?..do you as a trader give some candles more attention than others, or is a bullish candle like a hammer equal in your mind as a morning star for example?.

I guess my question in short is, what is the "Royal flush" of candles and candle formations?

- Nate

 

[whitster]

there is no holy grail.

PERIOD

otoh, my next closest thing to a holy grail is this

buy good companies on panic and weakness

iow, buy panic and sell euphoria

 

[jzlucas]

Quote from cashmoney69:

Hammers seem to be a pretty popular candle, but what about other candles like morning stars, tweezer bottoms, head and shoulders, doji's, and others that indicate a bullish move?..do you as a trader give some candles more attention than others, or is a bullish candle like a hammer equal in your mind as a morning star for example?.

I guess my question in short is, what is the "Royal flush" of candles and candle formations?

- Nate

1. Find an uptrend in fundamentally sound companies.
2. Buy dip.
3. Place stop under trendline.

 

[Pekelo]

Quote from whitster:

there is no holy grail.

PERIOD

I beg to differ.

Main Entry: holy grail
Function: noun
Pronunciation: 'grA(&)l
Etymology: mentioned earliest in internet posts in the late 90s

1 : An almost mystical trading strategy for equity traders. Its user is able to make money consistently under any market circumstances. Very few owns it, because they have guarded its secret almost perfectly...

 

[CTTrader]

A serious reply:

Not all candle patterns are created equal and not all hammers are created equal. A lot depends on the particular instrument being traded and the overall technical picture. Candles are tools for the discretionary trader and require interpretation. That is why they often perform so poorly when backtested using an automated system. Backtesting must be done manually.

That said, I prefer hammers that have been subsequently confirmed by a bullish engulfing pattern or that have formed a morning star. Ideally, these are also confirming prior support.